The Urban Redevelopment Authority (URA) has release data showing the surge in median rentals of non-landed residential properties to $32.41 per square metre (PSM) in May from $30.54 psm in January, while rental for units in the central region stands at an even higher price of $36.89 psm. Currently, the maximum monthly rental for non-landed residential properties in central Singapore stands at $114.58 psm.

Across Singapore, maximum rental swerves between $33.65 psm to $60.87psm. while minimum rentals varies between $10.18 psm to $14.36 psm.

Market watchers commented that this surge in residential rents is a direct result of an economy that is picking up as well as a strong property market. The rising number of property owners who increase rent in a bid to earn higher returns could be another contributing factor to the rental surge.

Mr James Nuben of Rikvin Corporate Services said that factors such as the increase in housing demand by more foreign individuals who incorporate a Singapore company, and relocate to the country, also adds to the rise in rental figures.

Rikvin Corporate Services specialises in Singapore company incorporation and the application of Employment Passes or EntrePasses for foreign individuals and companies.

“We get a large number of foreign businessmen looking to incorporate a company in Singapore and wanting to move here to run their operations because the quality of living is very good. Plus, more international companies are also setting up a presence in Singapore and bringing in more foreign talent, who will require accommodations,” said Mr Nuben.

“Business have started to relocate to Singapore and are bringing in a lot of foreign workers, which have increased demand for residential housing, as compared to the first half of last year, when companies were shedding staff,” confirmed Donald Han, managing director of Cushman and Wakefield.

However, Mr Colin Tan, head of research and consultancy at Chesterton Suntec International thinks otherwise - that the rental hikes are due to a sharp drop in housing supply. The number of demolitions conducted in the fourth quarter last year saw 1,441 units torn down compared to the 1,400 units available.

Mr Tan said that this is because there were more collective sales, resulting in more units disappearing. The demolitions caused a drop in the number of units - only 1,407 units, available for rent for the first quarter.

“The higher number of demolitions is probably a one-off effect. The numbers of demolished units returned to about 400 units-odd in the first quarter of this year. Rentals will increase as there are fewer units available and there is a high demand for them,” added Mr Tan.

On a brighter note, Mr Tan said he expects the rental hikes to stop climbing in the next few months.

However, Mr Han said Singapore’s economic growth will bolster rental prices, marking an increase of 5 per cent to 8 per cent by the end of the year. This increment makes it a good time for homeowners who want to lease out their properties to guard against volatile markets and inflation.

“Yields have risen slightly to 3 per cent to 3.8 per cent and are likely to go up over 4 per cent at the end of the year. With the low interest rate of 1 per cent to 1.2 per cent, this is a good time for residential yields,” said Mr Han. ]]> http://www.rikvin.com/press-releases/singapore-residential-units-report-higher-rent/feed/ 0 http://www.rikvin.com/press-releases/singapore-government-increases-spending-for-tech-sector/ http://www.rikvin.com/press-releases/singapore-government-increases-spending-for-tech-sector/#comments Thu, 08 Jul 2010 08:19:55 +0000 admin http://www.rikvin.com/press-releases/singapore-government-increases-spending-for-tech-sector/ Research firm IDC has projected that the Singapore government’s spending for information and communication technology (ICT) is set to grow by 3.5 per cent annually to US$1.5 billion (S$2.1 billion) in 2003.

The Infocomm Development Authority of Singapore (IDA) added that it has plans to invest S$1.1 billion in about 350 ICT tenders for this financial year (FY) which ends on 31 March 2011.

IDC senior market analyst Gerald Wang said this increase in spending is certainly good news for the industry.

Mr Wang said that he expects 50 per cent of the new tenders released in 2010 to multiply business opportunities for a wide range of vendors, as these small projects are less than S$500,000 each.

Mr James Nuben of Rikvin Corporate Services says that the number of foreign individuals incorporating a Singapore company to run ICT-focused businesses such as building and releasing online micro-transaction games for social networks, or provide cloud-computing services, has also been steadily increasing.

"The growth potential for foreign investors setting up companies to expand the ICT industry is very huge and Singapore is a great place to incorporate a company because it provides a very safe environment for businesses to grow," said Mr Nuben.

Rikvin Corporate Services specialises in Singapore company formation and staff relocation services, including work visa applications for foreigners.

Even though the Government appears to be spending less by awarding S$1.6 billion and S$1.12 billion worth of ICT contracts in FY2008 and FY2009 respectively, the figures do not reflect the actual increment.

Instead, the figures appear to drop because they included huge one-time projects that include the Standard ICT Operating Environment (SOEasy) and the Next-Generation National Broadband Network (NGNBN). The regular ICT expenditure has actually been increasing consistently when the huge projects are not included in the spending numbers.

"After deducting the NGNBN project’s sum of S$250,000, the S$1.1 billion projected spending for this year is significantly more than last year’s S$870 million. I expect future government projects in Singapore to focus on building upon what has already been built before," said Mr Wang.

ICT spending with a focus on cloud computing, social networking, business analytics and technology will help the Government strengthen their collaboration with citizens and reach out to citizens.

"Proposals that will allow the government agencies to reduce huge upfront capital expenditures and manage operational expenses will be the most well-received," said Mr Wang.

As Gillard moves to put a brake on the population surge, opposition leader Tony Abbott has accused her of a policy back flip.

Gillard, who staged a swift and surprising leadership takeover from Kevin Rudd last Thursday, has said that the population policy needs to strike the right balance between growth and sustainability.

Just before he stepped down as Australia's Prime Minister, Rudd had endorsed a 'Big Australia' policy, calling for the population to grow from 22 million by 2050.

"I don't believe in a 'big Australia'," she said. "I'm indicating a different approach," she told the Nine Network's Sunday Today programme.

"I think if you talk to the people of western Sydney or Melbourne, or the Gold Coast growth corridor in Queensland, people would look at you and say, 'Where will all these people go?'"

In 2009, the Australia's population grew 2 per cent - faster than any developed country - with new immigrants making up the surge in numbers.

Gillard said the government should be focusing on their capacities to provide roads and services needed to support a larger population.

The Prime Minister's new cabinet will also probably include a Minister for Sustainable Population to examine growth capacity.

Australia's continuous economic growth fuelled by demand for her minerals and energy resources over the past 16 years has created skill shortages that are often filled by immigrants.

However, immigration remains a sensitive issue in a country where run-downed fishing vessels filled with asylum seekers mainly from Afghanistan and Sri Lanka are continually spotted on the Australian shoreline.

"This place is our sanctuary, our home, but immigration for skilled labour is still needed," Ms Gillard said, adding that Canberra would continue to accept refugees. "I don't want business to be held back because they couldn't find the right workers.

"But I also don't want areas of Australia with 25 per cent youth unemployment because there are no jobs."

Under Mr Rudd, Australia suspended claims for asylum from Sri Lankans for three months and Afghans for six.

According to the Mercer 2010 Quality of Living survey, Sydney makes the ranks as the highest city for Australia at 10th place, followed by Melbourne a(18th), Perth (21st) and Canberra at 26th position. Singapore, at 28th place, tops as the most liveable city in Asia.

Mr James Nuben of Rikvin Corporate Services in Singapore said, "With more countries putting a cap on immigration, more foreign workers and investors will look to Asia for economic growth and development."

Britain has followed in the footsteps of Australia as the UK government announces a cap on the number of foreign workers entering the country.

"Singapore stands as a clear choice as the next destination for potential market growth as she welcomes immigrants and foreign workers while other countries shut them out. She is set to see more companies incorporated and more foreign talent flocking to the leading financial hub of Asia,"said Mr Nuben.

The upward trend for PEPs is observed from 2009's economic downturn when the number of jobs fell, creating an unstable job market. Many PEP holders say the pass gives them greater stability and flexibility when they change jobs or are seeking new employment.

Introduced in 2007, the PEP is designed to attract highly skilled non-Singaporeans to work here without being tied to a specific employer. However, the PEP differs from the traditional employment pass in that it is not renewable and is only valid for five years.

Mr James Nuben of Rikvin Corporate Services, says that the PEP is granted to foreigners who have worked in the country for some time after graduating from Singapore education institutes, or for foreign professionals who wish to seek employment in Singapore. He said that the rising number of contract work in Singapore has also led to increase of foreign professionals applying for PEP.

Rikvin Corporate Services specialises in Singapore company formation and staff relocation services, including work visa applications for foreigners.

"The PEP gives foreign individuals the time, security and flexibility to seek the type of job they want. The traditional employment pass states the pass holder must leave Singapore within 30 days of terminating his job. The PEP's 6-month unemployment period allows foreign professionals more time to find a new job while still remaining in Singapore," says Mr Nuben.

While MOM declines to reveal the exact number of non-Singaporeans holding the PEP, the government body has said that there are approximately 115,000 PEP holders in Singapore as of December 2009.

MOM also said that a large number of PEP holders are working in major industries such as finance, insurance, science and technology, and most of them hail from the United States and countries across Europe and Asia.

"[This] scheme is an integral part of MOM's efforts to attract and retain global talent and to ensure a more flexible working experience," says Miss Christine Loh, director of the International Manpower Division at MOM.

Rikvin announced the launch of an online Singapore Business Portal on its website at www.rikvin.com for entrepreneurs worldwide interested in setting up their business in Singapore. The portal provides you with comprehensive information on how to incorporate your Singapore business and provides you with in-depth information on Singapore Migration Visas. An extensive FAQ section, guides and documents will leave very little unanswered.

Singapore is ranked 1st for the ease of doing business in Asia (World Bank report: "Doing Business 2007: How to Reform") and 1st for being the least bureaucratic place for doing business in Asia (Political and Economic Risk Consultancy, June 2006). These are remarkable testimonial to Singapore’s reputation as the ideal location for any business

Our online incorporation service was the first of its kind in Singapore, and has proven to be an invaluable tool for professional intermediaries who require a swift incorporation process.

Singapore Office

According to Ragini Dhanvantray, CEO of Rikvin Consultancy , Singapore is fast becoming the business city of choice, having had the recognition of excellent business infrastructure, political stability, and close economic ties with many of the world's leading economies, there has never been better time than now, to set up your business in Singapore.

We are very excited about the total one stop solution portal for new service. The new forum will become an invaluable source of Singapore business for entrepreneurs worldwide.

One Stop Singapore Incorporation & Visa Portal

Rikvin specializes in providing company incorporation, registration and administration processing for all business types and sizes in Singapore and throughout the world. In addition, we facilitate the incorporation of our clients' businesses and manage their statutory affairs. We provide the best company formation service, management and administrative facilities with maximum efficiency and productivity.

Rikvin Consultancy, a Singapore-domiciled company established in 1995, is now a part of the Rikvin Group of Companies providing corporate solutions to entrepreneurs worldwide.

Established in 1995 and well recognized for its service quality, Rikvin Consultancy specializes in providing Singapore company incorporation, foreign company business registration, and related business advisory services in Singapore.

Rikvin consultancy provides highly professional company incorporation services, both in attractive standard packages as well as customized services. Online incorporation being a hallmark service, other services of Rikvin include:

• Offshore Incorporation
• Work Visas
• GST Registration Service
• Accounting Services
• Tax Planning & Consulting

As of 1st June 2009 it has become compulsory for operators of temporary of markets or food centres to be licensed.. They become liable for any lapse of hygiene. It is now a prerequisite that the operator has to be part of a registered society or professional managing agent “ to ensure clearer accountability” a guideline set out by Minister of Environment and water resources Mr Yaccob Ibrahim.

Prior to this regulation only stallholders were licenced but not operators of specified food place. The “ Rojak Poisoning” caused 154 people to fall sick and 2 died eating Indian Rojak from stall 320 at the market.

In Parliamentary debate Ms Sylvia Lim non constituency MP questioned the changes made following this most unwelcome incident particularly in a society like Singapore where eating is part of our culinary culture. Dr Yacob replied that there was a need to strengthen our regime to uphold the high standards and to minimize such outbreaks.

Strict measures include more frequent checks on stall holders and food centers by government inspectors. Also the imposition of stiffer penalties for poor food hygiene practices and the dire need to inculcate proper educational methods for food handlers and the public

Rikvin is the leading authority in company formation in Singapore. We can help you incorporate your company with ACRA in less than 3 hours. We can also assist you in obtaining the required licenses and permits. To learn more about our Incorporation Services please refer to Singapore Company Incorporation Services

Namely two sets of goals for the industry CDAS is aiming to double the accountancy sector’s contribution to Singapore’s GDP from the existing 0.4% to about1% over the next decade. Additionally it also aims to double the sector’s exports contribution of professional accountancy services to the region from the current 22% to 50%.

CDAS has 10 recommendations with a view to reach its goal of enhancing Singapore’s Accountancy industry. Singapore is steadily and surely transforming into a leading regional accountancy hub. Statistics show there are 7,000 MNC’s that have established a business presence in Singapore. Further the accountancy sector according to reliable statistical reports show that about $1 billion revenue has been generated to Singapore in the last decade alone.

More and more accompanies are being formed in Singapore and this will certainly create a demand for accountancy service - a service vital to any business or industry or enterprise.

It is anticipated with the current figures of $30.8 billion in 2008 generated by accountancy figures by 2013 it should reach Us $ 38.3 billion. Currently Singapore’s accountancy and auditing standards have primarily catered to domestic demands within Singapore. With the implementation of CDAS recommendations it will enhance Singapore’ s accountancy sector to cope or be on par with the international standards.

Singapore is slowly and surely positioned to transform into a leading regional accountancy hub. Factors that contribute to Singapore becoming a forerunner and an international for accountancy services include the following factors- excellent infrastructure, impeccable reputation for integrity availability of highly qualified accountancy professional and a well established accountancy network.

Established international firms like KPMG .Grant Thorton, PKK, PWC and Deloitte Touch have their presence in Singapore so the need to CDAS recommendations to keep on par with regional and international standards.

Rikvin, a Singapore-based firm that provides complete range of Singapore company incorporation, accounting, tax, immigration and related compliance services for startups and established companies worldwide. For more information on accounting services, please refer to Singapore Accounting Services

The hedge funds industry has seen tremendous growth in Asia in the past few years. China continues to be a big magnet for investors around the globe, and Singapore has become the leading hedge fund hub for Asia Pacific.

1. The Monetary Authority of Singapore (MAS) is reviewing the regulatory regime for financial intermediaries conducting fund management activities and the exemption regime for financial intermediaries engaged in leveraged foreign exchange trading. A consultation paper (Click here to view the Consultation Paper and Appendix) has been issued to seek comments from the public on proposed enhancements and changes to the regulatory regime.
2. This review is aimed at ensuring that the regulatory regime keeps pace with industry and regulatory developments globally, formalising existing industry best practices, as well as enhancing regulatory oversight over the respective industries. The proposed enhancements also seek to raise the quality and standard of players to foster long term sustainable growth of the fund management industry.
3. The proposals under the consultation paper represent an evolution of the existing regulatory regime for the fund management industry. Fund Management Companies ("FMCs") whose activities are limited in scale and impact may continue to operate under a notification regime and be subjected to certain conditions. This is similar to the existing framework for exempt fund managers. FMCs who serve retail investors and/or manage or advise on a larger portfolio of assets will have to be licensed. MAS also intends to require all FMCs to meet business conduct as well as capital requirements.
4. Under the proposed business conduct requirements, FMCs will need to maintain customers' monies and assets with independent custodians, ensuring segregation of duties between the functions of fund management and fund administration. FMCs will also need to have compliance arrangements which are commensurate with the size and scale of the FMCs' business. These requirements aim to enhance safeguards against theft or misappropriation of customers' monies.
5. MAS adopts an open and consultative approach with the industry, and remains committed to building Singapore as a fund management and alternative investment hub. In developing this set of proposals, MAS has considered the views and comments from the public, investors, market practitioners and industry associations.
6. MAS invites interested parties to give their views and comments on the proposals contained in the Consultation Paper. The consultation period will end on 31 May 2010.

Thinking about setting up a hedge fund business in Singapore? Learn more about how to Set Up a Hedge Fund Company

Compliant companies will be given a green tick and conferred a Certificate of Compliance, while non-compliant ones will have a red cross rating. [ View mock-up screenshots ]

	Description
	Annual General Meeting, Annual Return and Accounts Up-to-date
	Annual General Meeting, Annual Return or Accounts Late
-	Not Applicable / Company Status is not "Live"

The compliance rating for the company will change once the company breaches any of the provisions under section 175, 197 or 201 of the Companies Act (Cap. 50) or the company’s status has changed.

What is the purpose of providing colour-coded compliance rating?

The rating immediately tells the reader whether a company is up-to-date with the holding of its AGM with up-to-date financial statements and filing of its AR.

As an added service, with the ratings, ACRA will also provide the date by which the company must hold its next AGM to table up-to-date financial statements to be in compliance.

Why is the colour-coded compliance rating introduced?

• To provide recognition to companies that are in compliance and to enable them to use their good track record for brand equity purposes – prompt disclosure and good compliance translate to good corporate governance.
• To serve as an incentive for those not in compliance to strive to do better and be on time in their next AGM and annual filing.
• To provide for better transparency to the relevant companies’ stakeholders such as shareholders, creditors, financial institutions by publicising the filing records of the company. This could also assist them in making better informed decisions when dealing with the company concerned.

Source: ACRA Website

• The amount of income tax that you have to pay depends on your tax residency in Singapore.
• Top marginal resident tax rate of 20% kicks in at S$320,000 of taxable income.  Non-residents are taxed at the flat rate of 15% or the resident rates whichever results in a higher tax amount.
• Income is assessed on a preceding calendar year basis, ending 31 December. You must File Your Annual Tax Form by 15 April of the following year. You can usually expect to receive the income tax bills from May to August.
• Besides salaries and bonuses, perquisites such as housing and stock options will form part of your taxable employment income.
• Overseas income derived outside Singapore, Singapore dividends and bank interests are tax exempt in Singapore.

Paying your taxes: Sign up for the 12-month interests free GIRO Deduction Plan to pay your income tax
by installments. Otherwise, full payment has to be made within one month from the date of the income tax bill.

Are you a Tax resident or non-resident?

Different tax rates apply for tax residents and non-residents. You will be treated as a tax resident for a
particular Year of Assessment (YA) if you are a:

• Singaporean; or
• Singapore Permanent Resident (SPR) if you have established your permanent home in Singapore; or
• Foreigner who stayed/worked in Singapore for 183 days or more in previous year (excludes director of a company).

Otherwise, you will be treated as a non-resident for a particular YA for Singapore tax purposes.

Tax rates for non-resident individuals

• Employment income
  Your employment income is taxed at 15% or resident rate, whichever gives rise to a higher tax amount.
• Director's fees, consultation fees & all other income
  The director's fees, consultation fees and all other income that you received will be taxed at 20%.

If you are leaving Singapore or changing job

If you are about to leave Singapore or changing to another job within Singapore, your current employer
needs to notify IRAS and ensure that you settle all your taxes before you go. This process is known as tax
clearance. If you have any existing stock options or awards on hand which have yet to be exercised or vested,
you will be deemed to have derived gains from the stock or awards at the point of tax clearance.

Tax rates for resident individuals

For YA 2008 and 2009, a personal income tax rebate of 20%, up to a maximum of $2,000 is granted.

Ways to save tax

• Tax residents are eligible for tax reliefs that can be offset against the assessable income. You can get reliefs for wife support, child maintenance etc. Conditions apply.
• You may claim expenses incurred against your employment income; enjoy tax deductions for approved charitable donations. Conditions apply.
• Under the Not Ordinarily Resident (NOR) Scheme, you can enjoy either Time Apportionment of Singapore employment income or Tax Exemption of Employer’s contributions to Overseas Pension Fund, or both. Conditions apply.
• If you work for a foreign employer and need to travel overseas in the course of work, you may enjoy time apportionment of employment income under the Area Representative Scheme. Conditions apply.
• With the Avoidance of Double Taxation Treaties signed by Singapore, your income may not be taxed twice in Singapore and your home country. Conditions apply.

Need help on your Tax assessment and submission?

Rikvin can assist you in your personal income tax filings. Our personal tax filing services include:

• Registration for new tax payers
• Preparation and filing of income tax return based on your income and determination of possible deductions and reliefs that are applicable to you
• Request for extension of deadline, if necessary
• Preparation of Form IR8A for employees
• Tax planning and tax advice

If you would like us to assist you with your personal income tax return, please contact us at +65-63034600 to discuss your requirement in detail or send us an email at ptax@rikvin.com and we will get back to you.